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  • Student loans to gain bankruptcy protection?

    That is an argument put forth here:

    http://m.cnn.com/primary/wk_article?...er-education:1

    What a great idea. I'm gonna buy a house and then declare bankruptcy, as will most professional school graduates. Genius idea for the economy.
    "Don't expect I'll see you 'till after the race"

    "So where does the power come from to see the race to its end...from within"

  • #2
    It must be an election year. Obama's bringing out all the stops. Maybe next he can promise mountain dew to come out of every public water fountain.
    "Discipleship is not a spectator sport. We cannot expect to experience the blessing of faith by standing inactive on the sidelines any more than we can experience the benefits of health by sitting on a sofa watching sporting events on television and giving advice to the athletes. And yet for some, “spectator discipleship” is a preferred if not primary way of worshipping." -Pres. Uchtdorf

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    • #3
      Originally posted by doctorcoug View Post
      That is an argument put forth here:

      http://m.cnn.com/primary/wk_article?...er-education:1

      What a great idea. I'm gonna buy a house and then declare bankruptcy, as will most professional school graduates. Genius idea for the economy.
      Probably only would be possible if you were unemployed. I would guess your debt won't come close to being "unreasonable" in relationship to your income (from the article).

      Doctor debt really isn't the issue. You can always go work in a rural area for loan forgiveness or pay it off by being frugal for a few years. It's the people going $50 to $100K in debt for liberal arts degrees or ITT Tech degrees that can't get a job any better than they could as a high school kid that are the issue.

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      • #4
        Originally posted by Moliere View Post
        It must be an election year. Obama's bringing out all the stops. Maybe next he can promise mountain dew to come out of every public water fountain.
        It's got what plants crave!
        "What are you prepared to do?" - Jimmy Malone

        "What choice?" - Abe Petrovsky

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        • #5
          Originally posted by CardiacCoug View Post
          Probably only would be possible if you were unemployed. I would guess your debt won't come close to being "unreasonable" in relationship to your income (from the article).

          Doctor debt really isn't the issue. You can always go work in a rural area for loan forgiveness or pay it off by being frugal for a few years. It's the people going $50 to $100K in debt for liberal arts degrees or ITT Tech degrees that can't get a job any better than they could as a high school kid that are the issue.
          If Americans had any brains they would be doing income based repayment. The rural loan repayment is a thing of the past, I predict this is totally gone in three-four years.
          "Don't expect I'll see you 'till after the race"

          "So where does the power come from to see the race to its end...from within"

          Comment


          • #6
            Originally posted by Moliere View Post
            It must be an election year. Obama's bringing out all the stops. Maybe next he can promise mountain dew to come out of every public water fountain.
            Can he do that? If so I am changing my vote.
            PLesa excuse the tpyos.

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            • #7
              Originally posted by doctorcoug View Post
              If Americans had any brains they would be doing income based repayment. The rural loan repayment is a thing of the past, I predict this is totally gone in three-four years.
              What would income based repayment look like?

              So rural loan repayment is NOT a thing of the past is what you're saying?

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              • #8
                Originally posted by CardiacCoug View Post
                What would income based repayment look like?

                So rural loan repayment is NOT a thing of the past is what you're saying?
                I'm confused about what you are saying.
                "Don't expect I'll see you 'till after the race"

                "So where does the power come from to see the race to its end...from within"

                Comment


                • #9
                  Originally posted by CardiacCoug View Post
                  It's the people going $50 to $100K in debt for liberal arts degrees or ITT Tech degrees that can't get a job any better than they could as a high school kid that are the issue.
                  Thousands of massage therapists are nodding their heads right now.
                  "Sure, I fought. I had to fight all my life just to survive. They were all against me. Tried every dirty trick to cut me down, but I beat the bastards and left them in the ditch."

                  - Ty Cobb

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                  • #10
                    Originally posted by Joe Public View Post
                    It's got what plants crave!
                    It's got electrolytes!

                    Comment


                    • #11
                      Originally posted by San Juan Sun View Post
                      Thousands of massage therapists are nodding their heads right now.
                      You mean they don't make $100 an hour? I had a brief roommate post-mission that was non-Mo from Idaho. He came to Provo to go to massage therapy school. He used to tell me all the time how he was going to be making gobs of money working on a cruise ship and banging hot chicks all over the world. I wonder what he's doing these days.
                      "Nobody listens to Turtle."
                      -Turtle
                      sigpic

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                      • #12
                        Originally posted by doctorcoug View Post
                        I'm confused about what you are saying.
                        Just teasing you for saying rural loan repayment is a "thing of the past" and then saying that you predict it will be gone in a few years. Which is it?

                        And I just have no idea what the phrase "income-based repayment" means. Would people still have to repay everything they borrow but they can do it more slowly if they have low income? I think that's pretty much what happens now anyway.

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                        • #13
                          Originally posted by CardiacCoug View Post
                          Just teasing you for saying rural loan repayment is a "thing of the past" and then saying that you predict it will be gone in a few years. Which is it?

                          And I just have no idea what the phrase "income-based repayment" means. Would people still have to repay everything they borrow but they can do it more slowly if they have low income? I think that's pretty much what happens now anyway.
                          IBR has two forgiveness options. One is after 25 years of IBR. The other is after 10 years of IBR if you pay 10 years of IBR payments while working for a not for profit. Yup, most residents in America work for not for profits. So, you make monthly payments of 1 dollar for your 6 years of residency and fellowship, then you have four years left of repayment if you work for a not for profit. For me, the net present value of this payoff is over $200K. Even 10 years at an attending salary reduces the total loan repayment for most primary care physicians and most "any type" of physician with a family.

                          It is the largest distribution of wealth I've ever been personally involved in.
                          "Don't expect I'll see you 'till after the race"

                          "So where does the power come from to see the race to its end...from within"

                          Comment


                          • #14
                            Originally posted by Moliere View Post
                            It must be an election year. Obama's bringing out all the stops. Maybe next he can promise mountain dew to come out of every public water fountain.
                            Yes, it seems that Obama is going to make this a big issue...

                            [YOUTUBE]wfG3fAWhFxY[/YOUTUBE]

                            He may not get the votes he is hoping for...

                            Hank Brown, a former United States Senator and ex-president of CU said in a telephone conference call that Obama has flunked out with college students.
                            "He failed them because we have the highest level of unemployment for youth in this country in recorded history," Brown said. "I predict that the president will have substantially less support among college students this election compared to four years ago."

                            Four years after generating the largest youth vote turnout in history, somewhere between 22 and 24 million people between the ages of 18-29 voted in 2008, the Obama re-election campaign finds itself trying to recapture that magic for the November election.

                            In 2008, 66 percent of young voters cast their ballot for Obama; today, there's a chance those numbers may have dwindled. According to a report released last week by the Public Religion Research Institute and Georgetown University's Berkley Center, 61 percent of college-age millennials — those aged 18-24 — are registered to vote, but only 46 percent say they are absolutely certain whom they'll vote for this November.
                            "If there is one thing I am, it's always right." -Ted Nugent.
                            "I honestly believe saying someone is a smart lawyer is damning with faint praise. The smartest people become engineers and scientists." -SU.
                            "Yet I still see wisdom in that which Uncle Ted posts." -creek.
                            GIVE 'EM HELL, BRIGHAM!

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                            • #15
                              Originally posted by Surfah View Post
                              You mean they don't make $100 an hour? I had a brief roommate post-mission that was non-Mo from Idaho. He came to Provo to go to massage therapy school. He used to tell me all the time how he was going to be making gobs of money working on a cruise ship and banging hot chicks all over the world. I wonder what he's doing these days.
                              He's making gobs of money working on a cruise ship and banging hot chicks all over the world.
                              "Be a philosopher. A man can compromise to gain a point. It has become apparent that a man can, within limits, follow his inclinations within the arms of the Church if he does so discreetly." - The Walking Drum

                              "And here’s what life comes down to—not how many years you live, but how many of those years are filled with bullshit that doesn’t amount to anything to satisfy the requirements of some dickhead you’ll never get the pleasure of punching in the face." – Adam Carolla

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